SOME BOUNDS TO THE RELEVANCE OF DECISION THEORY

Vic Wright

Australian Journal of Agricultural Economics, 1983, vol. 27, issue 3, 10

Abstract: Decision theory affords a means for the objectively rational use of information in decision-making. Concern has been expressed from time to time that the application of decision theory is, or is sometimes, of doubtful appropriateness. In this paper an attempt is made to identify a principal source of this concern and the mis-specification of decision problems using decision theory that it implies. Suggestions are offered as to how the merits of the use of decision theory might be retained in decision-making situations where doubts may arise about the appropriateness of its application.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1983
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22746

DOI: 10.22004/ag.econ.22746

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